Category Archives: Dr. Craig Wright

This week has witnessed tension in the world of Bitcoin. For the most part, the currency has been on a relative bull run since this price observance series began. Users witnessed a bit of a drop amidst worry regarding claims made by a certain Dr. Wright, but afterwards, the price found its way back on the rise.

Bitcoin Price Movement Slows Down

For the first time in a while, bitcoin has hit a bit of a stagnant position. With a $4 drop at press time since our previous price piece, it’s safe to say that not much is in the works, and those of us who recently experienced terror or fear are taking this as a potential moment to ease the adrenaline in our systems and enjoy some much-needed relaxation.

Right now, the sentiment regarding where the price will go next appears to be split right down the middle, with some confident it will explode in its trek up north, and other feeling the coin is destined for a spill. YCombinator president Sam Altman, for example, believes bitcoin is about to enjoy a particularly high note in what he feels will be a glorious future. The Silicon Valley entrepreneur explained on Twitter:

“I am currently the most bullish on bitcoin I’ve been, and all my bitcoin friends are the most bearish. Hmm.”

“The market is struggling to make a new high since last week. Could this be the final push to resistance? At the time of writing the push has not produced a new high (since last week) in any of the exchange charts… Traders would be prudent to wait for the market to either establish trade above the resistance zone – or below the rising trend line support – before opening a position.”

The lack of certainty regarding bitcoin has got some of us sitting on edge. By now, however, we should be completely aware that bitcoin is not always predictable, and could change at virtually any moment. The simple fact is that if we haven’t gotten used to this, it’s probably time to turn away and never look back. But many of us refuse to do so simply because our trust for bitcoin is there and refuses to leave. Sure, certainty is never an option, but those of who deal in bitcoin on a regular basis are fully aware of the safety, independence and other benefits it wholeheartedly offers, and we can only stare upon bitcoin’s future with wide, proud eyes and see a large, luminescent glow emerging from the end of the winding tunnel.

Do you foresee a drop a rise in the btc price price? Post your comments below!

Eager to catch up on the latest digital currency news? A Liberty Reserve head honcho will now serve time behind bars, and Dr. Craig Wright is backing away from claims that he’s the real Satoshi Nakamoto. These are only some of the stories you might have missed, so take a gander and get the latest scoop below:

LIBERTY RESERVE

Bitcoin and alternative currency have long been labeled magnets for criminal activity. So it doesn’t help when one of its own masterminds is planted in an eight-by-nine cell for alleged money laundering. Arthur Budovsky, the co-founder of Liberty Reserve, was sentenced to 20 years in prison for purportedly “conspiring to help cyber criminals launder hundreds of millions of dollars using its services.”

The sentence follows a January court hearing, in which Budovsky plead guilty to conspiracy to commit money laundering. The entrepreneur was also made to forfeit $122 million USD and was given an additional fine of approximately half a million dollars.

Since the time of its creation, Liberty Reserve has processed more than $8 billion USD in transactions, many of which arose from Ponzi schemes, credit card trafficking and identity theft. Co-founder Vladimir Kats, who has also pleaded guilty to related crimes, will face sentencing next week.

DR. CRAIG WRIGHT

“I believed that I could put years of anonymity and hiding behind me… But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot. When the rumors began, my qualifications and character were attacked. When those allegations were proven false, new allegations have already begun. I know now that I am not strong enough for this.”

Dr. Wright’s “confession” was considered false when the businessman spoke of moving bitcoins from one of its earliest address blocks, something many thought could only be done by the “real” Satoshi himself. A digital signature was ultimately created in the process that had many wondering if the mystery behind Satoshi’s name had finally come to an end, but more confusion arose when security researchers later linked the signature to a Satoshi transaction quickly and easily located through an internet search engine.

At this stage, Wright’s claims have ultimately led to more questions than answers, and as Wright retreats from the media, we can’t help but wonder if we’ll ever know who Satoshi truly is.

Know any stories that should be included in our next report? Post your ideas below!

Bitcoin is back! After a temporary price drop since our previous price piece that saw it fall to a disappointing $448, our favorite digital currency has jumped back on the horse and commenced its journey into the sunset.

The Bitcoin Rally Returns

The sentiment among the majority of market analysts was that the currency was on its way backward — getting ready for another massive slide into oblivion like what we witnessed in 2015. Bitcoin had reached another peak, but would be back at the $300 range in no time. Apparently, this wasn’t entirely true, and not everyone was convinced from the get-go. As one Cryptoinsnews.com reader explained:

“When using charts to invest, I always use the long-term time frames – weekly and monthly and the first thing I do is see if the medium-term moving averages are sloping up or down. For bitcoin, they are currently sloping up, so I would NEVER ‘think about the possibility of decline’ or try and short, I’d wait for the moving averages to turn down.”

Others were in agreement, and their words merely reiterate what many bitcoin fanatics already know: that there is more to bitcoin than meets the eye, and one can’t simply jump to conclusions too quickly. While things may appear downtrodden on the surface, there is magic occurring in the green room. This magic ensures that while the outer layer may be dried, the core is retaining its pulp.

Among the likely reasons for the temporary halt in bitcoin’s ascension was Dr. Craig Wright’s shocking confession. The Australian businessman and bitcoin entrepreneur made headlines when he told media sources that apparently he was the genius behind bitcoin; that he was the mastermind from the very beginning, and that he was the mysterious Satoshi Nakamoto. Naturally, the doctor was pressed for proof, which some feel he ultimately failed to provide. Wright eventually backed away from his statements, afraid of what further publicity might throw his way.

With the mystery behind Satoshi’s identity “temporarily solved,” many found themselves in a state of panic. The idea was to sell their bitcoins quickly to avoid the massive price decline that was expected to come with the news.

But the price decline never came, and Dr. Wright has disappeared from news platforms. As the hype died down, bitcoin crawled from its cage, reached towards the heavens and demanded its original status back. The coin has now jumped nearly $15, recovering from the press and emerging from the ashes as the stable, volatile currency that it is.

So we can be thankful, in this case, that bitcoin has a mind of its own. It came out of hiding right as the rage wore off, and those who kept their funds in light of the rough news can take pride in the fact that their wealth will expand once again.

Do you foresee a further advance in the BTC price? Post your thoughts and comments below!

There have been some crazy things happening in the world of digital currency since our previous industry report. Is it possible that the identity of Satoshi Nakamoto has been revealed? Los Angeles is now home to some new Bitcoin ATMs, and BitPay has introduced us to a new kind of credit card. Take a look at some of this week’s headlines below:

Editor’s note: Since press time on this article, news has emerged of Craig Wright backing out from his promise to move coins from early Bitcoin blocks. Additionally, his personal site has been taken down and replaced with a message stating his inability to handle the pressure being placed upon him.

Industry Report

SATOSHI NAKAMOTO

The identity of bitcoin’s mysterious creator has long been an enigma, but a breakthrough may have occurred as early bitcoin entrepreneur Dr. Craig Wright is now claiming to be the alleged mastermind behind everyone’s favorite cryptocurrency.

The Australian businessman came forward to give pressuring media platforms the latest scoop regarding his cryptic “alter-ego,” but not everyone is a believer. According to some, all Dr. Wright has to do to prove himself – which he’s yet to agree to – would be “using a real private key from the genesis block.” In other words, he must sign in via a private key owned by Satoshi himself. The news is apparently causing a strain of panic, and some are considering selling their bitcoins before the news supposedly causes the price to decline rapidly.

COINSOURCE

Los Angeles is a melting pot. It’s home to numerous cultures, businesses and just about everything else under the sun, but it’s now the proud station of seven new bitcoin ATMs from financial network Coinsource, which has launched several machines in cities ranging from San Diego to San Jose to Las Vegas.

According to CEO and Co-Founder Sheffield Clark, the company is experiencing massive growth, and interest in digital currency is higher than ever before:

“Our entrance into the Los Angeles area is the most important yet for both the Coinsource brand and for bitcoin enthusiasts in Southern California. The roll out of seven new machines in one go was a significant logistical achievement, but we are proud to bring so many more options for both novices and veterans of bitcoin. With more and more use-cases for bitcoin every day, we foresee a future where digital currency is used as commonly as cash or credit cards.”

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